Yes, there are. In fact, this year is off to a very good start for Summit, Chatham, Madison, Short Hills real estate.
Are there many buyers out there?
Yes! The number of homes under contract is up from last year ... this may surprise some because we do not have a homebuyer credit in place to stimulate activity and motivate buyers. What we do have is a serious threat of increasing interest rates. We also have buyers coming to the realization that we are, or are close to, the bottom of the market in our area. For example, by the end of February last year 18 homes had gone under contract in Madison, NJ. This year the number of home sales in Madison NJ is 50% higher!
Are multiple offers coming back? Free Home Valuation
Yes ... in some cases. Even if you don't really remember, it has always been the case that only the best-priced houses received enthusiastic response from the buying public. That has not changed. Whether in top conditon or not, in top location or not, the true driving factor to multiple offers and getting the best and highest price for your home is in setting the asking price at a level that will inspire savvy buyers to say "Wow, this is a great value"! A few years back, setting the right price was easy. Now, not so much but still doable. If you're a homeowner in Chatham, Summit, Short Hills or Madison NJ, ask me how to make this happen for you.
Are there many homes on the market? Featured Listings in Chatham, Madison, Summit, NJ.
Inventory is down. For example, there are currently 85 homes on the market in Summit, NJ - compared to 115 last year at this time. Chatham Borough has only 29 homes for sale, vs 39 last year. Madison, NJ has a few more this year than last - 57 vs 52 last year.
All in all, I believe the trend is that we will see significantly more homes on the market in April and May, as sellers begin to feel better about selling than in the past few years.
If you're thinking of selling, NOW is the time to go on the market. There are plenty of buyers and not enough inventory. Come April/May, you may be competing with your neighbor for the same buyer.
What's the trend for real estate in 2011?
Although we're in one of the healthiest real estate markets in the nation, we are still struggling with an unstable national economy, high unemployment, high taxes and a fair number of troubled homeowners and bank-owned inventory. While this is, thankfully, not enough to tank our real estate market, it's enough to keep us from bouncing back very quickly.
Buyers are going to remain extremely cautious and value-conscious. Sellers who are motivated and need to sell will influence the values all homes. Our trend will be of relatively stable prices and sales not only for 2011 but likely into 2012. Those sellers waiting for prices to go back to 2005 levels will be waiting several more years.
If you've questions about your local market ...
As in your town and neighborhood, let me know. I am looking at homes in nearly every neighborhood in Chatham, Madison, Millburn-Short Hills, Summit and know the inventory and trends for every neighborhood. I'm happy to share the details with you, whether you're ready to sell, buy or just thinking through your options. Call, email, text me or visit my www.WhereToLiveInNJ.com.
I look forward to hearing from you. Search Garden State MLS for Homes for Sale in NJ
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